One of Mundell's utopian hopes is that cooperation on currency would lead to international cooperation on other issues and enhance prospects for world peace.

FORBES: One World, One Dollar

Separately, they agreed on a Hanoi Action Plan that will study the possibility of an ASEAN currency, press cooperation on infrastructure and promote bond markets.

CNN: A 'BOLD' BAND OF BROTHERS

In July, the central bank issued a memorandum of cooperation with the Hong Kong Monetary Authority to allow the currency to have an expanded role there.

FORBES: The Final Liberalization of the Renminbi